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International Trade Answers

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Which option best explains why countries trade with each other?

A
to eliminate scarce resources
B
to eliminate excess resources
C
to sell goods they cannot produce locally
D
to obtain goods they cannot produce efficiently
30077
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Question text not available

Question illustration
Answers:
⇒ 8, eight:30077
⇒ 8, eight:8, eight
30123

Question text not available

Question illustration
Answers:
⇒ 32, thirty-two, thirtytwo, thirty two:30123
⇒ 16, sixteen:16, sixteen
140683

The opportunity costs are shown in parentheses in the table.

Answers:
According to opportunity costs, should specialize in petroleum.:Country A
According to opportunity costs, should specialize in seafood.:Country B
140684

Country A✔ Country Bneither country

A
Country A
B
✔ Country B
C
neither country
140685

Why do countries specialize? Check all that apply.to produce more of certain goods and services in a more efficient wayto trade with one another for goods or services they cannot provide on their ownto remain independent without having to rely on others for goods or servicesto produce more goods and services, and to contribute to greater global prosperity

A
to produce more of certain goods and services in a more efficient way
B
to trade with one another for goods or services they cannot provide on their own
C
to remain independent without having to rely on others for goods or services
D
to produce more goods and services, and to contribute to greater global prosperity
140686

Comparative advantage means the ability to produce a good or service

A
more efficiently than another country.
B
with a lower opportunity cost than another country.
C
less efficiently than another country.
D
with a higher opportunity cost than another country.
140687

Which phrase best defines the term “opportunity cost”?

A
what a country produces when it specializes in a good or service
B
what a country gives up when it chooses to produce a good or service
C
what a country gains when it chooses to produce a good or service
D
what a country invests in a particular good or service
140688

Jamal and Keisha are considering entering into an agreement to trade tasks.How can specialization of labor benefit Jamal and Keisha? Check all that apply.

A
Jamal can specialize in washing cars, because he has the comparative advantage.
B
Keisha can specialize in washing cars, because she has the comparative advantage.
C
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
D
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
E
Specialization allows them to earn more money.
140689

✔ Country ACountry Bneither country

A
✔ Country A
B
Country B
C
neither country
140690

How can the law of comparative advantage be applied to Country A and Country B?

A
Both countries should produce petroleum and seafood.
B
Both countries should produce petroleum.
C
Country A should produce seafood, and Country B should produce petroleum.
D
Country A should produce petroleum, and Country B should produce seafood.
140691

The opportunity costs are shown in parentheses in the table.

Answers:
According to opportunity costs, should specialize in petroleum.:Country A
According to opportunity costs, should specialize in seafood.:Country B
140692

Which option best explains why countries trade with each other?

A
to eliminate scarce resources
B
to eliminate excess resources
C
to sell goods they cannot produce locally
D
to obtain goods they cannot produce efficiently
140695

Why do countries specialize? Check all that apply.to produce more of certain goods and services in a more efficient wayto trade with one another for goods or services they cannot provide on their ownto remain independent without having to rely on others for goods or servicesto produce more goods and services, and to contribute to greater global prosperity

A
to produce more of certain goods and services in a more efficient way
B
to trade with one another for goods or services they cannot provide on their own
C
to remain independent without having to rely on others for goods or services
D
to produce more goods and services, and to contribute to greater global prosperity
140696

Comparative advantage means the ability to produce a good or service

A
more efficiently than another country.
B
with a lower opportunity cost than another country.
C
less efficiently than another country.
D
with a higher opportunity cost than another country.
140697

Which phrase best defines the term “opportunity cost”?

A
what a country produces when it specializes in a good or service
B
what a country gives up when it chooses to produce a good or service
C
what a country gains when it chooses to produce a good or service
D
what a country invests in a particular good or service
140699

Jamal and Keisha are considering entering into an agreement to trade tasks.How can specialization of labor benefit Jamal and Keisha? Check all that apply.

A
Jamal can specialize in washing cars, because he has the comparative advantage.
B
Keisha can specialize in washing cars, because she has the comparative advantage.
C
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
D
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
E
Specialization allows them to earn more money.
140701

✔ Country ACountry Bneither country

A
✔ Country A
B
Country B
C
neither country
140703

⇒ 8, eight

Question illustration
Answer:

8, eight

140704

⇒ 8, eight

Answer:

8, eight

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